News
Although the shoebox has (hopefully) been relegated to the pages of quaint tax history, the principle of taxpayers needing to keep adequate records and receipts lives on. But the better organised and ordered tax recordkeeping is, the better a tax agent or accountant will be able to do what they do best — to make…
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The Tax Office views “residency” in an entirely different way to other Australian governmental agencies that deal with things like immigration, visas and citizenship. An individual will be an Australian resident for tax purposes if they “reside” in Australia, adopting the ordinary meaning of the term, or satisfy at least one of the three statutory…
Read moreIncome Tiers Income Level Private Hospital Cover Rebate Medicare Levy Surcharge Below age 65 Age 65 to 69 Age 70 + No Tier Singles $0 – $84,000 Couples/families 30% 35% 40% Nil $0 – $168,000 Tier 1 Singles $84,001 – $97,000 Couples/families 20% 25% 30% 1% $168,000 – $194,000 Tier 2 Singles $97,001 – $130,000…
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Changes announced in the latest Federal Budget mean that from July 1, 2012, the Net Medical Expenses Tax Offset will have two income-based thresholds, both indexed annually. A lower threshold ($2,060 for 2011-12) applies to individuals with an annual taxable income of less than $84,000 and less than $168,000 for couples and families, and a…
Read moreEvery so often, a person’s career will take them places — but not necessarily in an ‘upwardly mobile’ way. If earning a living means an employee needs to be away from their usual place of residence for an extended period, the government has made available tax concessions generally known as the Living Away From Home…
Read moreBusiness Company tax loss carry-back scheme which allows companies to carry-back tax losses of up to $1 million to offset previous profits and provide a refund of tax previously paid. Immediate write-off of the first $5,000 of a new or used motor vehicle and each eligible business asset that costs less than $6,500 for small…
Read moreA change to the reporting requirements for businesses in the building and construction sector is about to become a reality from July 1, 2012. The new ‘Taxable Payments Report’ will require operators to report on certain payments made to contractors. The Tax Office says data from the Taxable Payments Report will improve compliance and detect…
Read moreThere are legitimate ways to go about minimising your business’s tax liability, and some simple tactics to achieve this. These may not suit every business, so check with your tax professional to ensure they are applicable. As plans of action invariably take a while to put in place, some of the strategies may be too…
Read moreThe following deadlines are for lodgement with the Tax Office. Please make sure to get your documentation into this office in plenty of time to allow proper processing. 5 June 2012 Income tax return for non-taxable or refund as per latest year lodged as well as actual non-taxable or refund in current year (unless due earlier)…
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